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Sunday, 25 August 2013

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CSE debt listings raise Rs 20 b in 2013

The Colombo Stock Exchange (CSE) has compiled an Issuer Relations Guide titled 'Listing on the Colombo Stock Exchange – A mark of distinction', to promote new listings. The CSE intends to increase awareness of potential issuers and the public through this guide.

“We have launched a guide to assist potential issuers. The guide will encourage companies to list and the publication is a joint venture between the CSE and the Securities and Exchange Commission (SEC),” Colombo Stock Exchange, Chairman, Krishan Balendra said.

There were 80 new listings of equity and debt from 2008 to 2012 and Rs 150 billion was raised. There were 10 debt listings in 2013 raising Rs 20 billion, he said.

“With the Budget incentives to develop the equity and debt markets we could see more listings.

The guide is comprehensive and contains three case studies on successful listings. Companies have to pay Rs 150,000 for listing and an annual fee of Rs 50,000,” Balendra said.

“We have received a positive response from investors and corporate debt listings have increased. There is a surge in corporate listings. However, market down-turn has resulted in reduction of equity listings and there is a need to promote equity and debt markets,” he said.

The market makers are the primary dealers, stock brokers and investors. Market capitalisation of the CSE is only 35 percent of GDP and there is a long way to go, he said.

The compilation of 'Issuer Relation Guide' was initiated as a result of SEC’s project eight, which is one of the 10 key projects of the SEC which promotes new public and private listings on the CSE. The SEC and the CSE have implemented initiatives which will promote new listings though project eight.

The corporate debt market in Sri Lanka is highlighted in the publication as providing companies with potential access to a deep pool of capital.

There are several advantages of listing corporate debt securities including tax exemptions.

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